Better Homes and Gardens Rand Realty 2013 Market Analysis

Joseph Rand, Managing Partner at Better Homes and Gardens Rand Realty provides his perspective on the real estate market in the fourth quarter of 2013 and provides his perspective on the outlook for real estate in 2014.
Video Credit: Contributed

Even if you’re not looking to buy or sell anytime soon, if you’re a homeowner or renter in Westchester right now, we’ve got something to add to your “must read” list for 2014.
Better Homes and Gardens Rand Realty
has just released their
2013 year-end Real Estate Market Report
. The report takes a look at buying and selling trends across Westchester and is a great information resource for all county residents. With the whirlwind ups and downs of the real estate market over the last decade, Rand manages to put the market into perspective.

The report looks at some of the more traditional sales metrics for Westchester like the total number of homes sold, the average selling prices, the median prices, and the price-per-square foot for all major Westchester property types, especially single-family homes, condos, and coops.

Why were average real estate prices in Westchester a bit disappointing in the 4th Quarter of 2013?

How many months does a home priced at $3M+ in Westchester typically stay on the market?

When was the last time that Westchester had so many quarters of rising sales in a row?

When asked about the state of the real estate market in the region, Joe felt good about both 2013 and the year ahead. “Westchester and the northern suburbs of New York City finished 2013 very strong, with sales up significantly across the region and prices beginning to show the first small signs appreciation. Homeowners in Westchester have some great reasons to be optimistic about home prices as we head into 2014.” Rand continued, “Every market cycle sees a shift in demand prior to a similar shift in prices and after nearly two years of sustained increases in demand, we believe that prices are now ready to follow.”

In addition to Westchester, the report provides sales and pricing information for the other counties in Better Homes and Gardens Rand Realty’s service area, including Rockland, Orange, and Putnam in New York, and Passaic and Bergen in New Jersey.

Better Homes and Gardens Rand has produced the quarterly market report for almost ten years. It is the region’s most comprehensive independent analysis of real estate prices, sales and trends.